Video: Hayek on Socialism and The Myth of Central Planning

Why object to more and more of our lives and liberties being controlled by fewer and fewer elites? On the principle side of the question, that's an easy answer. On the practical side, the end result is a diminution of our standard of living and general wealth as a society. It just cannot work.

In this video, the late F.A. Hayek explains.  As in his classic work, The Road To Serfdom, he explains the fallacy of putting the power to plan and control entire economies that require infinite millions of minute-by-minute decisions by millions of people.  The practical impossibility of the matter is striking enough. 

Equally unsettling is the amount of power required for such planning.  Rule of law (the oldest protector of individual rights and liberties) must be disbanded as the amount of discretionary power required for such an endeavor cannot be prescribed by laws.